Merchandise export to Spain from Bangladesh jumped by 21.40 per cent in the past fiscal year.
Export Promotion Bureau (EPB) data showed that the export to that country reached at 2.45 billion in FY18 which was $2.02 billion in FY17.
As Spain is a member of European Union (EU), its market access benefit for Least Developed Countries (LDCs), including Bangladesh, is equivalent to that in the EU.
The EU has the Generalised System of Preference (GSP) under which it grants duty free access for the LDCs under its “Everything but Arms (EBA)” scheme.
The EBA provides for granting duty-free quota-free access to the LDCs for the latter’s all products, except for arms and ammunitions, covering 99 per cent of all tariff lines.
The Ready-made garment (RMG) is a major item of exports to Spain. In the past fiscal year, Bangladesh exported woven garments worth $0.83 billion and knit garments worth $1.05 billion.